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<br />.F+ 103448 b AGE g
<br />1,,bk Mortgage k entered into between — _Wedcrewood. Inc-- a N b acka Cnrporition
<br />(herein "Mortgagor°) and
<br />Five Points Sank (herein "Mortppe „)
<br />Mortgagor: is indebted to Mortgagee to the principal sum of $ 90,000-00 evidenced by Mortgagor's note
<br />dated _5/28/86 (herein "Note”) providing for payments of principal and interest, with the balance o[ the
<br />hwebtedaess, If not sooner paid, due and payable on 8/26/86
<br />To secure the payment of the Note, with interest as provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgagee to protect the security of this Mortgage, and the performance of the covenants and agreements of
<br />We MortgWr contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />property located in Hall County, Nebraska:
<br />Lot Two (2) Union Square Third Subdivision, in the City of Grand Island,
<br />Hall County, Nebraska
<br />Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents. issues and profits, reversions and remainders
<br />thereof; including, but not limited to, heating and cooling equipment and such personal property that is attached to the
<br />improvements' so as to constitute a fixture; all of which, including replacements and additions thereto, is hereby declared
<br />to be a part of the rea-1 estate secured by the lien of this Mortgage and all of the foregoing being referred to herein as the
<br />"Property"
<br />Mortgagor further convenants and agrees, with Mortgagee, as follows:
<br />1. Payment. To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note.
<br />2. Title. Mortgagor is the owner of the Property, has the right and authority to mortgage the Property, and
<br />warrants that the lien created hereby is a first and prior lien on the Property, except as may otherwise be set forth herein.
<br />0 The Property is subject to a Mortgage wherein
<br />is the Mortgagee, recorded at Book , Page .._ of the Mortgage Records of County,
<br />Nebraska, which Mortgage is a lien prior to the lien created hereby.
<br />Q Other prior liens or encumbrances:
<br />3. Taxes, Assessments. To pay when due all taxes, special assessments and all other charges against the Property
<br />and, upon written demand by Mortgagee, to add to the payments required under the Note secured hereby, such amount as
<br />may be sufficient to enable the Mortgagee to pay such taxes, assessments or other charges as they become due.
<br />4. Ise trance. To keep the improvements now or hereafter located on the real estate described herein insured
<br />against damage by fire and such other hazards as Mortgagee may require, in amounts and with companies acceptable to the
<br />Mortgagee, and with loss payable to the Mortgagee. In case of loss under such policies the Mortgagee is authorized to
<br />adjust, collect and compromise, in its discretion, all claims thereunder at its sole option, authorized to either apply the
<br />proceeds to the restoration of the Property or upon the indebtedness secured hereby, but payments hereunder shall con-
<br />tinue uadl the sums secured hereby are paid in full
<br />6. ❑ Escrow For Taxes and insurance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />contrary, Mortgagor shall pay, to the Mortgagee at the time of paying the monthly installments of principal and interest,
<br />one- twelfth of:the yearly taxes, assessments, hazard insurance premiums, and ground rents (if any) which may attain a
<br />priority over this Mort", all as reasonably estimated from time to time by the Mortgagee. The amounts so paid shall be
<br />bald by the Mortgagee without interest and applied to the payment of the items in respect to which such amounts were
<br />deposited. The sums paid to Mortgagee hereunder are pledged as additional security for the indebtedness secured by this N j
<br />Mortpge. Mortgagor shall pay to Mortgagee the amount of any deficiency between the actual taxes, assessments, insurance i
<br />premiums and ground rents and the deposits hereunder within 10 days after demand is made upon Mortgagor requesting
<br />payment thereof.
<br />ti.
<br />6. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or improvements now or cflq
<br />hereafter on the Property; to keep the u
<br />Prope y; p Property in good condition and repair, without waste, and free from mechanic's or �w
<br />other liens not expressly subordinated to the lien hereof; not to make, suffer or permit any nuisance to exist, nor to dimin-
<br />ish or impair the value of the Property by any act or omission to act; and to comply with all requirements of law with
<br />respect to the Property.
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